New transparency rules for UK companies designed to combat tax evasion, money laundering and the funding of terrorism and promote the country as a sound business and investment destination may encourage less openness.

The PSC Register clause of the Small Business, Enterprise and Employment Act 2015 (SBEE) - which came into force in April - aimed to clarify legal and beneficial ownership by requiring companies to start keeping a register of all people and legal entities (eg, other companies), with a significant interest in them.